Emigrant Savings Bank
Encyclopedia
Emigrant Savings Bank is the oldest savings bank in New York City
and the largest privately owned bank in the country. , Emigrant has 35 branches located in the New York metro area and has assets of $14.3 billion. It also offers an account called Dollar Savings Direct, which offers a relatively high floating interest rate but requires a $1,000 minimum deposit.
, the current annual percentage yield for Emigrant Direct's American Dream Savings Account is 0.7%.
on Chambers Street. Emigrant Savings collected extensive records of the arriving Irish immigrants to America, which were later donated to the New York Public Library and serve as valuable genealogical resources.
In 1986, The Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of loss in an unfavorable environment. The bank increased its online presence with the introduction of the virtual bank
Emigrant Direct in 2005.
is Chairman, President & Chief Executive Officer of Emigrant Savings Bank.
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and the largest privately owned bank in the country. , Emigrant has 35 branches located in the New York metro area and has assets of $14.3 billion. It also offers an account called Dollar Savings Direct, which offers a relatively high floating interest rate but requires a $1,000 minimum deposit.
, the current annual percentage yield for Emigrant Direct's American Dream Savings Account is 0.7%.
History
The bank was founded in 1850 by 18 members of the Irish Emigrant Society with the goal of serving the needs of the immigrant community in New York. The headquarters used to be at the Former Emigrant Industrial Savings BankFormer Emigrant Industrial Savings Bank
The Former Emigrant Industrial Savings Bank is a historic building located at 51 Chambers Street in New York, NY. It was built 1912 to designs by architect Raymond F. Almirall as the Emigrant Industrial Savings Bank, then the largest bank building in the States.The building was added to the...
on Chambers Street. Emigrant Savings collected extensive records of the arriving Irish immigrants to America, which were later donated to the New York Public Library and serve as valuable genealogical resources.
In 1986, The Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of loss in an unfavorable environment. The bank increased its online presence with the introduction of the virtual bank
Virtual bank
A direct bank is a bank without any branch network. It offers its financial services by:* Telephone banking* Online banking* Automated teller machines * Mail banking* Mobile banking...
Emigrant Direct in 2005.
Owners
The Milstein family owns the bank; they are on the Forbes list of the 400 richest American families. Howard MilsteinHoward Milstein
Howard Philip Milstein represents the third generation of one of New York's leading real estate, financial and philanthropic families. His entrepreneurial ventures include real estate, banking, hotels, marketing, and finance. Milstein is Chairman, President and Chief Executive Officer of New York...
is Chairman, President & Chief Executive Officer of Emigrant Savings Bank.